Technical Analysis Free Forex Signals USD/CAD Forex Signal USD/CAD Forex Signal Monday, 12 November 2018 12:44 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as there was no bearish price action at 1.3155. Today’s USD/CAD Signals Risk 0.75% per trade. Trades must be taken before 5pm New York time today only. Short Trade Go short after the next bearish price action rejection following the next touch of 1.3281. Put the stop loss 1 pip above the local swing high. Adjust the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run. Long Trades Go long after the next bullish price action rejection following the next touch of 1.3182 or 1.3144. Put the stop loss 1 pip below the local swing low. Adjust the stop loss to break even once the trade is 20 pips in profit. Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run. The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels. USD/CAD Analysis I wrote last Thursday that I would look to trade reversals from the edges of the range between about 1.3050 and 1.3150. In the end we got a breakout above the highs, and significantly, Friday saw this pair close at a 50-day high, which puts the edge with the bulls. The U.S. Dollar is generally strong, but is advancing much more strongly against other currencies, perhaps because a recovery in the price of Crude Oil over recent hours is helping the Canadian Dollar hold up. In any case, we see bullish waves with retracements holding at support, so I will maintain a bullish bias today above 1.3182. There is nothing important due today concerning either the CAD or the USD. It is a public holiday today in the U.S.A. Currency Pairs USD/CAD Adam Lemon Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.